The euro marks its 26th year amid economic challenges, with fluctuating value and new digital currency developments shaping its future across Europe and the global market.
The euro, now in its 26th year, faces challenging economic conditions in the eurozone.
Introduced in 1999 as a dematerialized currency for accounting and electronic payments, it became physical currency in 2002, used daily by 350 million people in 20 EU member states. The European Central Bank (ECB) oversees the monetary policy, aiming to control inflation below 2% by adjusting interest rates.
The euro, the world's second most significant currency after the US dollar, circulates in seven banknote denominations and various coins. The €500 note was discontinued in 2019 due to concerns over money laundering and terrorism.
While all EU countries, except Denmark, are required to adopt the euro if eligible, Croatia joined the eurozone in 2023, and Bulgaria is expected to follow.
The euro's value has fluctuated since its launch. After a drop to $0.83 in 2000, it reached $1.60 in 2008, but geopolitical tensions and global crises led to a 16% depreciation against the dollar in 2022.
Despite recovery in 2023, the euro faced pressure from various factors, including Donald Trump’s election win, and ended 2024 at $1.04, near the $1 parity last seen in the early 2000s.
Globally, the euro’s role has diminished, accounting for 19.76% of global reserves in 2024, down from 25% in 2003. Its share in global payments also declined to 22.9% by October 2024.
In response to changing financial landscapes, the ECB is developing a digital euro, expected to complement traditional currency and be available for public use. With a regulatory framework being established, a draft rulebook is anticipated in early 2025, offering a reliable and stable digital payment option across Europe.
Military representatives from Cambodia and Thailand met in Chanthaburi province on Wednesday ahead of formal ceasefire talks at the 3rd special GBC me...
Since the end of the 2020 conflict with Armenia, Azerbaijan continues to grapple with the enduring danger of landmines scattered across its regained t...
U.S. President Donald Trump has invited the leaders of Kazakhstan and Uzbekistan to attend the G20 summit set to be hosted in Miami next year....
The Iranian government has announced plans to build nuclear power plants using domestic industrial capacity in conjunction with Russia....
Uzbekistan is exploring potential cooperation with The Walt Disney Company on creative and tourism projects, including a long-term proposal to build a...
Current security challenges and ongoing geopolitical shifts were the focus of the annual Georgia Ambassadors' Conference taking place from 22 - 25 December in Tbilisi.
As the year comes to a close, questions remain about the sustainability of European Union support for Ukraine. Political analyst Orkhan Nabiyev, speaking to AnewZ from Baku, expressed confidence that EU backing will hold firm into 2026.
The European Union has released €2.3 billion in financial aid to Ukraine to support urgent social and civil infrastructure needs. According to political analyst Orkhan Nabiyev, this move reflects the EU’s assessment that a peace deal with Russia is unlikely in the near future.
The European Union stands at a crossroads: to receive new members and accelerate the enlargement process in order to strengthen its role in the international arena, or to risk strategic stagnation by delaying expansion in favor of internal reform.
Vince Zampella, co-creator of the Call of Duty gaming franchise, has died in a car crash involving a Ferrari crash on Monday in Los Angeles, United States.
Israeli Prime Minister Benjamin Netanyahu said Israel is monitoring recent Iranian military exercises and will raise the issue with U.S. President Donald Trump during his visit to Washington next week.
Paramount has reaffirmed its bid to acquire Warner Bros. Discovery, offering $30 per share in cash and backing the proposal with a $40.4 billion personal equity guarantee from billionaire Larry Ellison, despite the target company’s board urging shareholders to reject the offer.
U.S. President Donald Trump has approved plans to construct a new class of battleships, which he described as larger, faster and significantly more powerful than any previous U.S. warship.
As the European Commission warns of possible visa suspension, Georgian authorities reject accusations of democratic backsliding. What is really at stake — and who could be affected most?
China has given the nod for car makers to sell Level 3 self-driving vehicles from as early as next year after it approved two electric sedans from Changan Auto and BAIC Motors.
Warner Bros Discovery’s board rejected Paramount Skydance’s $108.4 billion hostile bid on Wednesday (17 December), citing insufficient financing guarantees.
Ford Motor Company said on Monday it will take a $19.5 billion writedown and scrap several electric vehicle (EV) models, marking a major retreat from its battery-powered ambitions amid declining EV demand and changes under the Trump administration.
Iran has rolled out changes to how fuel is priced at the pump. The move is aimed at managing demand without triggering public anger.
U.S. stock markets closed lower at the end of the week, as investors continued to rotate out of technology shares, putting pressure on major indices.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment